Farm management deposits

If you're a primary producer you may have a farm management deposit account that you can access. Early access may be available without changing the deduction you claimed. Your financial institution may require advance notice of your request for early withdrawal.

Farm Household Allowance

The Department of Human Services offers financial support to farmers and their families experiencing financial hardship, through the Farm Household Allowance. To see if you are eligible and apply for assistance visit the Department of Human Services websiteExternal Link or phone the DHS Farmer Assistance Hotline 13 23 16.

Receiving drought assistance payments for your business

Payments to assist your business affected by drought are assessable income, even if received from:

private funds

charitable groups

crowdfunding platforms.

You will usually also be entitled to claim deductions for any expenditure that you incur in relation to that business.

Ordinarily, where the amounts received are spent on deductible expenses, such as purchasing feed for livestock, there will be no net taxable outcome, as the assessable income amounts will be reduced by the deductions claimed.

Amounts received from charities or crowdfunding platforms will only be assessable to the extent that they are intended to be for use in the business rather than for other purposes. For example, where the amounts received are intended to be used for such things as food and clothing, these amounts are not assessable income.

Our commitment to you

We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.